Steve Madden Snaps Up Another DTC Brand — a Day After Acquiring Sneaker Startup Greats
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Steven Madden Ltd. is on an acquisition streak.
A day after completing the purchase of sneaker startup Greats Brands Inc., the New York-based footwear firm announced that it has snapped up women’s apparel label BB Dakota. Financial details of the deal were not disclosed, but Steve Madden noted that the California-based brand had logged sales of roughly $43 million for the full year ended June.
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“With its laser focus on product and strong track record of execution, we believe BB Dakota is a great fit for Steve Madden and provides the ideal platform to expand our brands in the apparel category,” said Madden’s chairman and CEO, Edward Rosenfeld.
BB Dakota founder and CEO Gloria Brandes added, “Steve Madden and BB Dakota have a unique synergy in that they are both product-driven companies whose brands have maintained a long-standing appeal with the consumer due to superior product and accessible pricing.”
Founded in 2005, the California company’s owned labels include BB Dakota and Jack by BB Dakota, as well as licensed brand Cupcakes & Cashmere, launched by blogger and influencer Emily Schuman. Its products sell through department stores, specialty retailers and its BBDakota.com website.
“BB Dakota is so in tune with the Steve Madden girl,” said Steve Madden, founder and creative chief of his namesake company. “I always thought it would be great to combine forces, and now that dream has come true. It’s a perfect match.”
Just yesterday, Madden said it had acquired Greats, a digital upstart founded by Ryan Babenzien in 2014 that has quickly emerged as one of the trendiest men’s labels in the sneaker space. Although Greats still sells most of its footwear through its e-commerce platform, the brand last year opened a 500-square-foot store on New York’s Crosby Street. (It has also inked a wholesale partnership with Nordstrom and unveiled a buzzy collaboration with menswear merchant Nick Wooster.)
Steve Madden has been making big deals in the past few years, adding Dolce Vita, Blondo and Schwartz & Benjamin to its growing portfolio. And its sales numbers continue to impress, even amid a challenging retail climate: For Q2, the Long Island City, N.Y.-based firm reported revenues of $445 million — a 12% gain over the year-ago period.
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